Cashew Market Overview in Q1 2024: Promising with High Potential

Rising demand, increasing prices, and abundant supply – the cashew market in Q1 2024 shows positive signs for the Vietnamese cashew industry.

Bright spots in the market landscape

According to statistics, cashew nut exports in Q1 2024 recorded impressive growth of 10.5% in volume and 15.2% in value compared to the same period last year. The export volume reached 120,000 tons, bringing in an export turnover of 650 million USD, contributing to affirming Vietnam’s leading position in the global cashew market.

Cashew nut prices also saw an increase in Q1. Specifically, the average price of W320 type increased by 5% to 18,000 USD/ton, and WW320 type increased by 6% to 19,500 USD/ton. The price of raw cashew nuts also increased by 4% compared to the same period last year, reaching 7,500 USD/ton.

The peak harvest season has brought an abundant supply of raw materials for the cashew industry. The price of raw cashew nuts, although slightly fluctuating, is still stable at around 48,000 – 52,000 VND/kg.

Challenges and opportunities go hand in hand

Besides the positive signals, the cashew market is also facing some challenges such as high freight rates, exchange rate fluctuations, and fierce competition from other exporting countries.

However, these challenges also present opportunities for Vietnamese enterprises to improve their competitiveness, improve product quality, and diversify export markets.

Forecast for Q2/2024

Based on market analysis, it is predicted that Q2/2024 will continue to witness the growth of the cashew industry. The demand for cashew nuts is expected to increase during major holidays such as Easter, Labor Day, and Mother’s Day. The price of cashew nuts is forecasted to be stable or slightly increase.

To maximize market potential, enterprises need to focus on closely monitoring market fluctuations, building suitable business strategies, promoting trade and product promotion, and improving product quality to meet the increasing needs of consumers.

The cashew market in Q1 2024 shows positive signs with great development potential. The Vietnamese cashew industry has a great opportunity to continue to affirm its leading position in the international market. However, to succeed, businesses need to make efforts to improve their competitiveness and adapt to market changes.

>>> See more: Organic Cashews – An Excellent Nutritional Source for Health

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Contact Information:

HCM office Address: 191/6B Alley, Le Van Viet Street, Hiep Phu Ward, District 9, Ho Chi Minh City, Viet Nam

Factory Address: Nguyen Thai Hoc Street, Phuoc Tan Hamlet, Binh Tan Commune, Phu Rieng District, Binh Phuoc Province, Vietnam

Email: sales@cptcorp.vn

Website: cptcorp.vn

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